AEW’s UK Core Property Fund has bought a business park in Milton Keynes for £12m.
The 7.2-acre Mill Court and Mill Square site on Featherstone Road comprises eight single-storey office buildings providing a total of 93,355 sq ft. The business park is fully let to seven tenants. The deal reflects a net initial yield of 7.3% and £1.67m per acre.
Ed Long, director at AEW, said: “The asset’s characteristics are in line with the fund’s investment strategy of acquiring assets in core locations that are underpinned by strong residual values whilst maintaining an income stream. The income fundamentals are very attractive and set to grow from the increasing demand from the tech and knowledge-based industries.”
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